BitBay, a Poland-based startup which operates a platform for trading and exchange of cryptocurrencies, has now expanded its operations to India. It aims to expand its trading business as well as source IT talent from the country to develop products.
Reports suggests that BitBay’s India trading platform has already been started in the demo mode but trading will start from August 24.
Chafik Abdellaoui, chief information officer, BitBay, said,
Our focus is to grow with regulation. The Indian market is the fourth largest for cryptocurrencies. On one side we want to work closer with banks so that the new technology is adopted and deposits and withdrawals are facilitated. On the other, we want to work with the government to make it a regulated business subjected to tax.
Rhoit Dahda, who is heading the India operations, that anyone can trade on the platform, provided they complete the full ‘know-your-customer’ requirements by providing Aadhaar and PAN card number. He added that BitBay India already has a headcount of 10, which will be increased to 50 by the end of the year.
BitBay is one of the top 10 cryptocurrency trading platforms in the world with over 2,00,000 users. The ranking comes largely from its dominance in central Europe where it has a 60% market share.
The platform enables trading of multiple cryptocurrencies, including Bitcoin, Litecoin, Ether, Lisk, Monero, Dash, and Gamecredits. The company will also have a physical presence for customers.
Currently, it will be only be available only available via the web platform in India. Going forward, the company will look at providing an app for facilitating offline payments using cryptocurrencies.
In India, the exchange will initially allow trading in nine kinds of digital currencies, which will later be extended to 17. The main objective of the company would be to educate people and remove misconceptions about cryptocurrency. This will help the company to drive more people towards its use and offer an all-round platform to trade as well as exchange multiple currencies on BitBay.